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No Surprises From FOMC – Statement Redline Comparison *FED SEES ECONOMY RETURNING TO MODERATE GROWTH AFTER Q4 PAUSE
Europe Is A Complete Disaster, And Its Luck May Have Just Run Out What just happened in Cyprus has always been a risk. … Against the backdrop of bad theory and bad policies, [...] Assault weapons in Greece fired at Samaras. Details from the New York Times…
Greece’s New Democracy Party Condemns Attack On HQ… — Earlier coverage: Details from the New York Times…
http://dailybail.com/home/gunmen-on-motorcycles-open-fire-on-greek-prime-ministers-off.html Wolf Richter www.testosteronepit.com The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasn’t learned yet the art of extortion that is required to accomplish anything at all during negotiations with the Eurozone. And so, when he went to the meeting of Eurozone finance ministers earlier this week at the Eurogroup—which serves as political control over the common currency—he accomplished absolutely nothing. He wasn’t [...] Ten days ago, the apocalypse did not happen. The Greek elections took place, and the radicals did not win. Syriza—the neo-Marxist, anti-austerity party whose members call one another “comrade” and whose policies include the creation of 100,000 new government jobs—did not get the most votes. New Democracy, the establishment center-right party, emerged victorious, though just barely. It formed a shaky coalition, in partnership with two center-left parties, and promised to push through [...] Athens THE newly elected Greek coalition government will seek a two-year ”bailout holiday” from some of the harshest elements of the European Union and International Monetary Fund package. The three members of the new government, Democratic Left, Pasok and New Democracy, are drawing up proposals they say will safeguard the country’s economic future while retaining financial support from international bodies. The core element is to get the ”adjustment period”, before new tax hikes [...] By Michael Casey NEW YORK (MarketWatch) — Don’t be fooled by a rallying stock market, where blind hope that a dollar-deluging Federal Reserve will come to its rescue has trumped fundamental analysis these past two days. The world must come to terms with a brutal fact: the euro’s endgame has begun. That was made clear by Monday’s gloomy market response in euro-zone bond markets to what in theory [...] via AP: A slim victory for the main conservative party in an election in Greece should relax fears that a country will stop using the euro for the first time and possibly unleash global financial turmoil. But when it comes to Greek politics – and European economic policy – it’s never that easy. So the bumpy ride for financial markets isn’t over yet. The conservative New Democracy party, which supports a bailout agreement [...] The last thing the EU needs right now is for Greece to miss key deadlines under terms of its bailout — it may be less painful to simply give the ailing country a little more time. By Cyrus Sanati FORTUNE — The results of the Greek election over the weekend may have eurozone champions and Wall Street breathing a sigh of relief, but the political and economic troubles within Greece and the [...] Greece’s two traditional political rivals are in a race to forge a coalition as the state’s cash dwindles, bank deposits flee and Europe demands renewed austerity pledges before releasing more emergency aid. The euro erased an initial advance, stocks fell and borrowing costs in Spain and Italy surged on concern an election win by Greece’s biggest pro-bailout party would provide only a brief respite from Europe’s financial crisis. Greece will run out of money in mid-July, the Syriza [...] Markets initially bounced on Monday morning after Greece’s election eased fears that the single currency would break up, but the rally proved short-lived amid persistent uncertainty over the global economy and other eurozone countries. A narrow win for Greece’s pro-bailout party, New Democracy, initially spurred markets higher on hopes that the embattled country has bought more time to remain in the euro. Equities across Europe ticked higher and the euro strengthened, [...] Thetrader.se With news dominated by the Greek elections, the imploding Spanish economy and more, people tend to forget about other issues. One of those being the currency wars going on.http://www.thetrader.se/2012/06/18/notes-for-currency-wars/ Ft.com by GoldCore
Today’s AM fix was USD 1,623.50, EUR 1,284.52, and GBP 1,035.20 per ounce. Silver is trading at $28.50/oz, €22.64/oz and £18.25/oz. Platinum is trading at $1,492.50/oz, palladium at $626.75/oz and rhodium at $1,215/oz. Gold rose $1.90 or 0.12% on Friday in New York and closed at $1,626.20/oz resulting in a 2% gain for the week. Gold initially rose and [...] by Michael The election results from Greece are in and the pro-bailout forces have won, but just barely. It is being projected that the pro-bailout New Democracy party will have about 130 seats in the 300 seat parliament, and Pasok (another pro-bailout party) will have about 33 seats. Those two parties have alternated ruling Greece for decades, and it looks like they are going to form a coalition government which will [...] Euro crisis far from over, stock analysts warn WASHINGTON (AP) — A slim victory for the main conservative party in an election in Greece should relax fears that a country will stop using the euro for the first time and possibly unleash global financial turmoil. But when it comes to Greek politics – and European economic policy – it’s never that easy. So the bumpy ride for financial markets isn’t over yet. The [...] SocGen summarizes today’s Greek elections and their implication:
What next in Greece? As we head to press, the preliminary results (82.5% of national vote counted) of the Greek general election show 130 seats out of 300 seats to the pro-programme New Democracy Party and 33 seats to PASOK, combined the two pro-programme parties should thus have secured enough seats to form a unity government. The largest anti-programme party, Syriza, secured 71 seats, [...] UPDATE 4:30 PM ET/11:30 ATHENS
If you thought for a moment that the Greek election would end in a clean outcome tonight, the joke was on you. In the first wave of exit polls that came out at 12:00 PM ET, the pro-bailout, conservative New Democracy party held a razor thin 0.5% lead over the leftist SYRIZA party. Then an hour and a half later, it became clear that New Democracy would come in [...] http://www.bbc.co.uk/news/world-europe-18463543 https://twitter.com/#!/BBCNews BBC’s @matthewwprice #Greece If these are the final results, DOOM ON! |
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